President Donald Trump is due to announce private sector investment of up to $500 billion of artificial intelligence infrastructure on Tuesday, two sources told Reuters.
OpenAI, SoftBank (9984.T) and Oracle (ORCL.N) plan a joint venture called Stargate, and have committed $100 billion initially and then up to $500 billion into Stargate over the next four years, the sources said.
CBS first reported the expected announcement.
SoftBank CEO Masayoshi Son, OpenAI's Sam Altman and Oracle's Larry Ellison are due at the White House on Tuesday, according to the CBS report.
Oracle and SoftBank did not immediately respond to requests for comment.
Oracle shares were up 6% on the reports. Nvidia (NVDA.O), Arm Holdings and Dell (DELL.N) shares also rose.
In March 2024, The Information, a technology news website, reported OpenAI and Microsoft were working on plans for a $100 billion data center project that would include an artificial intelligence supercomputer also called "Stargate" set to launch in 2028. It was not immediately clear if the announcement was an update to this previously reported venture.
Investment in AI has surged since OpenAI launched ChatGPT in 2022, as companies across sectors seek to integrate artificial intelligence into their products and services. AI requires enormous computing power, pushing demand for specialized data centers that enable tech companies to link thousands of chips together in clusters.
